For those buying bikes for "$100" declared on bill of sale
- Thread starter adri
- Start date
I don't think I will do that. I would rather prefer not leaving these type of things inconclusive.
So, I will reply to the mail with the declared numbers, and suggest my friend (prev owner) do the same.
I will keep you updated if anything strange happens =)
Thanks for all the info and suggestions !
OpenGambit
Banned
Making false claims is a sort of fraud. Letters get lost in the mail all the time. I'm just sayin'
The man makes a good point.
screw paying proper amount, thats a joke.
The government already got its tax from the initial fresh sale. They are greedy and do not deserve this double dip.
I wouldnt say $100 on it, but usually 500-1000$ is good enough for my conscience
in terms of insurance, always check with them.
Statefarm for example always goes by fair market value..and in my experience it was VERRRRRY fair. They openly told me they check with dealers, kijiji, ebay etc.
But as soon as i signed up with them, i wanted to make sure they wouldnt go off my bill of sale for replacement purposes. would have gotten fleeceed in that case.
7400$ otd for a slightly used 09 r6, back in 08/09. imagine if when that got stolen i only got 7400 for a bike that sat around 10k new? not very fair right?
(i payed full tax on that...it hurt)
never again...
The government already got its tax from the initial fresh sale. They are greedy and do not deserve this double dip.
I wouldnt say $100 on it, but usually 500-1000$ is good enough for my conscience
in terms of insurance, always check with them.
Statefarm for example always goes by fair market value..and in my experience it was VERRRRRY fair. They openly told me they check with dealers, kijiji, ebay etc.
But as soon as i signed up with them, i wanted to make sure they wouldnt go off my bill of sale for replacement purposes. would have gotten fleeceed in that case.
7400$ otd for a slightly used 09 r6, back in 08/09. imagine if when that got stolen i only got 7400 for a bike that sat around 10k new? not very fair right?
(i payed full tax on that...it hurt)
never again...
Spyug
Well-known member
Just to make it more interesting the MTO requires an appraisal for value on anything over 25 years old. In these cases, not only do you get to pay tax ( and on what figure its appraised at and on what could be a hunk of un useable junk) but also the appraiser fee ( which could be as much as $100 or more).
It is really annoying when you realise potentially how much tax they can get from one vehicle if it is sold multiple time. One bike I bought a few years back had had 14 previous owners. I figured they likely got 100% of the original purchase price out of it.
Enough already, tax the bike once when its sold and exempt it thereafter or if that doesn't seem right let it be taxed up to 5 years after the original sale but cut it off at some point.
I wouldn't mind the tax so much but the government just seems to waste it anyway don't they?
Cheers all,
spyug
It is really annoying when you realise potentially how much tax they can get from one vehicle if it is sold multiple time. One bike I bought a few years back had had 14 previous owners. I figured they likely got 100% of the original purchase price out of it.
Enough already, tax the bike once when its sold and exempt it thereafter or if that doesn't seem right let it be taxed up to 5 years after the original sale but cut it off at some point.
I wouldn't mind the tax so much but the government just seems to waste it anyway don't they?
Cheers all,
spyug
It's not about the cost, it's about the principle of the matter. While we can all accept the fact that the government needs to collect its lb of flesh on the initial sale of the item, do they REALLY have to go over and over and over for as many times as the vehicle was sold? Sometimes we just have to say enough is enough.
OpenGambit
Banned
The idea of a tax on the sale of used vehicles is stupid.
The only reason its there is to make it more attractive to purchase new cars... dumb.
The only reason its there is to make it more attractive to purchase new cars... dumb.
Platinum Cycle
Well-known member
I definitely agree here.
If a bike is sold to original owner and never sold again the Province gets their tax once.
If that bike gets bought and sold 10 more tims in it's life the province gets to collect 10 rounds of PST. The only thing surprising here is that Dalton isn't running TV ads tring to get people to sell their cars and motorcycles more often.
OpenGambit
Banned
Its not PST. and thats really interesting. its actually a 13 % retail sales tax.. They had to make a new tax just for this.
The reason why its not PST or GST is because those are value added taxes, the tax you pay is offset by a credit you get. Meaning if that you were charged PST/GST, you should theoritically be able to claim the tax you paid when you bought your bike as a credit when you sell it again in the future ( this would likely result in 0 tax ) as the bike would haev depreciated.
Adri, were you on crack when you wrote that ? lolz
Because, it seems to me like you started this trend of '**** noobies ask lol' situation.
Quoting you below, from this very thread. 1st post of the topic:
ABadjusterrider_5
Well-known member
Letter? What letter?
I remember a guy I knew imported a boat, under-declared the value, then tried to file an insurance claim after an incident. Unfortunately, he had not completed the registration after the import (God knows why), so the insurance would not pay out unless it was registered here. So buddy, in his infinite wisdom decided to register it, THEN tried to re-submit the claim. When he registered, he opted for the higher real value, and got burned on his import declaration. Stupid; he literally would have saved a couple hundred, and ended up getting no coverage for a $9000 repair, plus a rude awakening for the improper import.
What does that have to do with this thread?
Oh I don't know, maybe the original post? On the ball tonight eh? Point being, yes insurance does care what's declared as purchase price.
